BlackRock Funds III NPORT-P BlackRock LifePath ESG Index 2040 Fund (Jul 2024 report)

Schedule of Investments (unaudited)

July 31, 2024

BlackRock LifePath® ESG Index 2040 Fund

(Percentages shown are based on Net Assets)

 

Security	Shares	Value
Investment Companies(a)
Equity Funds — 77.8%
iShares Developed Real Estate Index Fund, Class K	38,865	$ 372,717
iShares ESG Aware MSCI EAFE ETF	17,872	1,441,556
iShares ESG Aware MSCI EM ETF	18,237	617,870
iShares ESG Aware MSCI USA ETF(b)	35,471	4,294,119
iShares ESG Aware MSCI USA Small-Cap ETF	12,041	500,063
iShares MSCI Canada ETF	4,401	171,287
iShares MSCI EAFE Small-Cap ETF	3,622	234,669
iShares MSCI Emerging Markets Small-Cap ETF	1,736	106,399
		7,738,680
Fixed-Income Funds — 22.1%
iShares ESG Aware U.S. Aggregate Bond ETF	36,907	1,755,297
iShares TIPS Bond ETF	4,125	446,242
		2,201,539
Money Market Funds — 30.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(c)(d)	3,055,583	3,056,805
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)	16,894	16,894
		3,073,699
Total Investments — 130.8% (Cost: $11,639,462)		13,013,918
Liabilities in Excess of Other Assets — (30.8)%		(3,067,342 )
Net Assets — 100.0%		$  9,946,576

 

(a)	Affiliate of the Fund.
(b)	All or a portion of this security is on loan.
(c)	Annualized 7-day yield as of period end.
(d)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 

Affiliated Issuer	Value at 10/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$ 151,554	$ 2,905,491 (a)	$ —	$ (264 )	$ 24	$ 3,056,805	3,055,583	$ 4,512 (b)	$ —
BlackRock Cash Funds: Treasury, SL Agency Shares	14,338	2,556 (a)	—	—	—	16,894	16,894	3,356	—
iShares Developed Real Estate Index Fund, Class K	252,358	230,622	(165,152 )	(3,911 )	58,800	372,717	38,865	9,449	—
iShares ESG Aware MSCI EAFE ETF	1,035,876	861,397	(677,909 )	46,672	175,520	1,441,556	17,872	39,930	—
iShares ESG Aware MSCI EM ETF	453,796	407,881	(317,051 )	2,124	71,120	617,870	18,237	14,225	—
iShares ESG Aware MSCI USA ETF	2,957,227	2,388,498	(2,055,433 )	202,589	801,238	4,294,119	35,471	34,749	—
iShares ESG Aware MSCI USA Small-Cap ETF	293,240	325,828	(223,748 )	11,054	93,689	500,063	12,041	3,487	—
iShares ESG Aware U.S. Aggregate Bond ETF	1,107,347	1,274,958	(708,880 )	(66,087 )	147,959	1,755,297	36,907	39,742	—
iShares MSCI Canada ETF	121,056	99,849	(78,768 )	5,216	23,934	171,287	4,401	3,361	—
iShares MSCI EAFE Small-Cap ETF	169,986	138,792	(109,407 )	2,949	32,349	234,669	3,622	5,812	—
iShares MSCI Emerging Markets Small-Cap ETF	75,429	65,697	(48,370 )	2,756	10,887	106,399	1,736	2,235	—
iShares TIPS Bond ETF	294,933	313,367	(179,756 )	(16,478 )	34,176	446,242	4,125	8,507	—
				$ 186,620	$ 1,449,696	$ 13,013,918		$ 169,365	$ —

 

(a)	Represents net amount purchased (sold).
(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Schedule of Investments1

Schedule of Investments (unaudited)(continued)

July 31, 2024

BlackRock LifePath® ESG Index 2040 Fund

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 

	Level 1	Level 2	Level 3	Total
Assets
Investments
Investment Companies
Equity Funds	$ 7,738,680	$ —	$ —	$ 7,738,680
Fixed-Income Funds	2,201,539	—	—	2,201,539
Money Market Funds	3,073,699	—	—	3,073,699
	$13,013,918	$—	$—	$13,013,918

 

Portfolio Abbreviation
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International

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